Crypto Currents: Tether urges three-way merger at Twenty One Capital

The bitcoin treasury model faces a stress test as Tether bets consolidation can revive it, while MARA redraws the mining playbook by planting roots in Ohio’s energy corridor. Across traditional finance, JPMorgan installs a settlement-layer architect at Kinexys, Meta rolls stablecoin payouts to creators, and earnings season finds Mastercard and Broadridge leaning hard into tokenization as a growth anchor, even as crypto-exposed equities absorbed a punishing session led by Robinhood’s revenue miss. Stay up on the crypto news that matters with “Crypto Currents,” daily from The Fly. Join us at 2 PM ET for your essential briefing on the fast-moving world of cryptocurrency on FlyCast radio.

TETHER PUSHES XXI CONSOLIDATION: Tether Investments proposed that Twenty One Capital (XXI) merge with Strike and Elektron Energy, a bitcoin (BTC-USD) mining firm, in a move timed to the Bitcoin 2026 Conference in Las Vegas, Bloomberg reported late Wednesday. The three-way combination would unite bitcoin treasury holdings, mining infrastructure, financial services, lending, and capital markets under a single listed company, according to a Tether press release. Tether named Jack Mallers, who already leads both Twenty One Capital and Strike, to head the combined entity, and proposed Elektron’s Raphael Zagury as president, a pairing of mining and capital markets experience with consumer bitcoin product leadership. Elektron manages approximately 5% of the current Bitcoin network’s computing power at all-in production costs below $60,000 per coin. Twenty One Capital shares climbed nearly 8% in after-hours trading on Wednesday.

Twenty One Capital went public in December through a SPAC backed by Tether, Bitfinex, and SoftBank Group MSTR” style=””>(MSTR), adding operating businesses with recurring revenue to rebut the criticism that treasury vehicles offer nothing a direct bitcoin purchase cannot. The more immediate equity read-through centers on index inclusion timing and whether a larger, operationally richer vehicle compresses or widens the NAV premium relative to Strategy.

MARA SECURES OHIO ENERGY CAMPUS: MARA Holdings (MARA) signed a definitive agreement to acquire Long Ridge Energy and Power LLC from FTAI Infrastructure a company press release. The asset includes a 485 MW combined-cycle natural gas plant in Hannibal, Ohio, on approximately 1,600 acres along the Ohio River, with full campus capacity projected to exceed one gigawatt after additional buildout. The deal requires FERC and Hart-Scott-Rodino clearance and is targeted to close in Q3 2026.

The acquisition marks a structural break from an asset-light bitcoin accumulation model toward vertical integration of energy and compute. Owning dispatchable gas generation removes MARA’s single largest operating cost variable while the riverside acreage creates room for co-located AI and high-performance computing alongside mining, a combination that could attract long-term offtake contracts from data center tenants. A rerate of the asset base away from a pure bitcoin treasury discount framework may follow if management secures such revenue.

JPMORGAN APPOINTS KINEXYS CHIEF: JPMorgan Chase GS” style=””>(GS) digital asset executive who later founded real-estate tokenization startup Arda, to lead its Kinexys blockchain division as the bank deepens its digital asset strategy, CoinDesk reported Wednesday. Harris has argued that tokenizing assets alone does not create liquidity and that deeper structural change requires a global settlement layer merging money, assets, and data on a single blockchain platform. He described Kinexys’s purpose as building the foundation of the next era of market structure and said that technology and regulation are now mature enough for institutions to move beyond isolated blockchain experiments toward overhauling core clearing and settlement infrastructure. This evolution comes despite CEO Jamie Dimon, head of one of the world’s largest financial institutions, having previously dismissed crypto as having “no intrinsic value.”

META LAUNCHES STABLECOIN PAYOUTS: Meta Platforms (META) has begun rolling out USD Coin (USDC-USD) payouts to select creators in Colombia and the Philippines, allowing eligible users to link a wallet and receive earnings on the Solana (SOL-USD) or Polygon networks, CoinDesk reported. The program is supported by Stripe, which will handle crypto tax reporting for users. The initiative marks Meta’s return to stablecoin payments after its Libra project was shuttered in 2022 and, with more than 3B users across its platforms, positions Meta’s adoption of blockchain payment rails as a meaningful proof-of-concept for stablecoin disbursements at consumer scale.

TOKENIZATION IN TRADITIONAL FINANCE: Mastercard earnings release, and called out the planned acquisition of stablecoin infrastructure firm BVNK as the primary vehicle for digital payments expansion. Broadridge Financial Solutions filing. Treasury management startup Stable Sea integrated WisdomTree’s Cointelegraph.

PRICE ACTION: As of time of writing, bitcoin was trading at $76,350.48, while ether was trading at $2,262.96, according to price data from TipRanks.